ISDA issued a consultation on the implementation of fallbacks for swap rates published by ICE Benchmark Administration ("IBA"). The consultation will be open until July 2, 2021.
In response to the UK Financial Conduct Authority's announcement of the cessation of LIBOR, and a consultation published by IBA on its intention to cease publication of the GBP ICE Swap Rate from December 31, 2021, ISDA is seeking input on the implementation of:
- fallbacks for the GBP LIBOR ICE Swap Rate described in a paper by the Working Group on Sterling Risk-Free Reference Rates in the United Kingdom; and
- fallbacks for the USD LIBOR ICE Swap Rate described in a paper by the Alternative Reference Rates Committee in the United States (see previous coverage here).
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